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Abstract
Over the period since the end of 1992, steady progress has been achieved toward resolving the commercial bank debt problems of middle-income countries.1 By the end of 1994, most of the major debtor countries in this group will have completed restructurings of their bank debt. At the same time, a number of developing countries—including some of the former major debtors—have expanded their access to spontaneous private financing, as investor interest in developing country bonds and equities broadened significantly. The markets for these securities ran into substantial turbulence at times during the first half of 1994, however, reflecting higher interest rates in international markets prompted by the tightening of monetary conditions in the United States and by adverse developments in some developing countries.
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